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ManaList of Att

Dismissal of employee

Increased spoilage and defectives

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Accounting

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Accounting

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7/329


8/329

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Carrying costE.O.Q

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Assets

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Avoids cut throat competition

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Budget

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In tangible assets

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Daily Time sheets

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Advance

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Depreciation

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Abnormal overheads

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Administration overheads

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Decrease in selling price will lead to

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Compensating Error

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Deferred revenue expenditure

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Drawings

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Cash Discount

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Daily Time sheets

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Administration budget

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Factory overheads

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Factory CostNon-operating Expense

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contribution fixed cost

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Compensating Error

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Purchase budget

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Question

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Avoids cut throat competition

Spirit of mutual trust

Deferred revenue expenditure

Deferred revenue expenditure written off

Drawings

Loan

Correct Answer

Match The Following

QuestionAdvantageously applicable in similarindustries

Treatment given to research anddevelopment costsMultiple Choice Multiple Answer

Question

Correct Answer


Question

Correct Answer

True/False

Question

Correct Answer

Match The Following

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True/False

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Correct Answer

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Dividend paid

Freight inwards

Freight outwards

Sales


Question

Correct Answer


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Correct Answer

True/False

Question

Correct Answer

Match The FollowingQuestion

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Question


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Non-Operating income

Operating income

Plan for surplus/shortage of cash

Plan of investment in fixed assets

Correct Answer


Question

Correct Answer

True/FalseQuestion

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True/False

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Match The Following

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Select The Blank

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Question

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ement Accountingmpted Questions and Answers

The components of the selling and distribution cost budget are :

uniform costing

Re-order quantity may be measured as :

Features of money measurement concept are . . .

The various areas in which uniform costing can be adopted are . .

True

Control

Unavoidable cause of labour turnover

Replacement cost of labour turnover

Avoidable cause of labour turnover

Preventive cost of labour turnover

Direct product cost

Special aspects of co-partnership include:

Distribution expenses , Publicity expenditure , Salary of sales-officeworkers

In India, where public undertakings operate along with the privatesector undertakings, ________ enables a comparative assessment tobe made of the two sectors.

Maximum stock level - re-order level + (minimum usage Xminimum re-order period)

Only those transactions and facts are included expressed in termsof money are considered , Imposes severe restrictions on the kindof information available from financial statements , Works as amajor drawback of financial accounting

Valuation of inventories , Charging of depreciation , Apportionmentof overheads

Accounting is an art of recording, classifying & summarizing in a

significant manner.

The ________ ledger carries the individual accounts, whereas thegeneral ledger records the consolidated effect of the individualtransactions.

Correct Answer

Which of the following is a valid classification of the salary paid tothe foreman in charge of the packing department?


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Low

Production capacity

Pre-requisites of Uniform Costing are . . .

Spirit of mutual trust , Free Exchange of ideas , No rivalry

Causes for adverse material price variance are:

Rs.452/-

To ensure that inventory never exceeds this limit

Bill of material

Decrease

False

Workers are granted ownership rights , Indirect monetaryremuneration , The morale of the workers is increased

The handloom industry will have ________ fixed cost and highvariable cost.

The sales forecast (quantity) should be compared with the ________to find out whether it is possible for the firm to handle this level ofsales.

Uneconomical size of purchase orders , Failure to avail discountsallowed by suppliers. , Excessive freight charges

Cool-wind Ltd., manufactures fans, which at sold at Rs.400 prepiece. The cost of sales is composed of 40% of direct material, 30%wages and 30% overheads. An increase in material price by 25%and in wage rate by 10% is expected in the forthcoming year; as aresult of which the profit at current selling price may dwindle by39% of present gross profit. With the above information, you arerequired to determine the future selling price, if the present rate ofgross profit is to be maintained.

The main object of establishing the maximum stock level formaterial is :

________ authorises the production department to issue requistionfor materials.

An adjustment relating to outstanding expenses will ________ thenet profit.

XYZ & Co. has taken a loan of Rs.100,000/- @ 15% p.a.on 1stOctober, 2003. Interest is to be paid on half yearly basis. Whattreatment should be given in the books of accounts of XYZ & Co. as

on 31st March, 2004?Interest account should be debited with Rs.7,520.55 andoutstanding interest account should be credited with Rs.7,520.55

Bank reconciliation statement is a systematic presentation of errorsmade by the accountant.


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True

Rs.1,020/-

Rs.1,600/- (Favourable)

Process of analyzing & interpretation

Reviewing internal control system

Book of original entry

Maintain all types of accounts

Token or disc method is a related to the system of ________.

Time-keeping

0.17

Crane expenses should be apportioned on the basis of ________.

Number of hours crane worked in the department

Rs.26,545.45

Depreciation is caused by use factor, obsolescence and ________.

Accounting refers to the process of analyzing & interpreting theinformation already recorded in the books of accounts.

The pass book showed a credit balance of Rs.1,000/-. This balance

was after considering the dividend of Rs.25/- collected by bank andRs.5/- charged as collection expenses: these enteries are not madein the bank book. Find the balance as per bank book.

Compute fixed overheads calendar variance when fixed overheadvolume variance is Rs.250/- (Favourable); fixed overheadsefficiency variance is Rs.2,150/- (Adverse) and fixed overheadscapacity variance is Rs.800/-(Favourable).

Correct Answer

The cost of fixed asset is Rs. 1,00,000. Rs. 17,000 is charged asdepreciation. Calculate the rate of depreciation.

Commission payable to General Manager is 10 % of the net profits.If the net profit before charging commission is Rs.29,200/-, thenwhat will be the amount of his net profit after commission?

You are using petrol as one of the raw materials. Daily youpurchase 1,000 litres of petrol at Rs.28.50 per ltire. 5% of itgenerally gets lost due to spillage and evaporation. On a particularhot and dry day, the issue of petrol from 1,000 litres drum was asfollows : To job X 200 litres; job Y 400 litres and job Z 320 litres.After these issues the drum was empty. Calculate per litre chargefor use of petrol, quantum of loss and total quantum of petrol usedfor jobs X,Y and Z.Loss due to spillage and evaporation - 30 litres. , Rate of charge perlitre of petrol - Rs.30/-


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Time factor

Lack of material

Linking overhead to a cost unit is known as overhead absorption.True

False

True

Features of real account are . . .

True

Identify the causes due to which the cost of labour may be high:

Ledger

Re-order level

True

A good purchase system, for materials, prevents production hold-ups due to:

Uniform costing system is a pre-requisite to an inter-firmcomparison of firms belonging to the different industries.

Uniform costing system is defined as a system using commonconcepts and standard accounting practices by different entities indifferent industry to facilitate inter-firm comparison.

Mainly deals with items which are having physical , Consists ofsome intangible assets , examples include - Lane, Building, Vehicles

A business is an activity carried out with the intention of earningthe profit.

Select the correct statements. Ram's account.Dr. Rs.10,000 ToBank account Rs.10,000

Ram is a creditor , Rs.10,000/- has been paid to Ram , The paymentis made by cheque

Excess staffing , Lack of experienced and efficient personnel , Highlabour turnover

________account can be defined as the record of all the transactionspertaining to a person, asset, liability income or expenditure whichhave taken place in a specified period.

The store-keeper should initiate action for the purchase of amaterial, when it reaches its :

Uniform Costing simplifies the work of wage boards of fixingminimum wages and fair wages.


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Maintenance Department is a service cost centre.

True

True

Profit = Contribution per unit X ________.

Margin of safety (units)

Identify the items which are correctly classified.

True

Profitability statement indicates the amount of assets & liabilities.

False

Process of analyzing & interpretation

Financial status

Books of Accounts

Profitability statement & Balance-sheet

Indicates the amount of profit earned

Amount not received from customer

Amount payable to supplier

Amount received from the customer

Accounted for in the books of Accounts

Not accounted for in the books of Accounts

True

True

Cash and---------------are the two systems of accounting.

Mercantile

Balance sheet indicates the financial status of the business at givenperiod.

Carriage inward - Factory overheads , Carriage outward - Sellingand distribution overheads , Sales research expenses -Selling anddistribution overheads

Fixed overhead variances may be calculated either on the basis ofunits of output or on the basis of standard hours.

Correct Answer

Correct Answer

Real Accounts may also consist the accounts of some intangibleassets like Goodwill Account

The rate at which the depreciation is to be calculated are alsospecified in the Income Tax Act 1961.


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P/L A/C debit side includes

salary , discount allowed , postage & telegram

Trading a/c credit side includes

sales , goods lost by fire , closing stock

45000

500

540

False

False

Differential cost

False

37,86,000

Indirect Expenses includes

Rent , Telephone expenses , Insurance

True

Under stocking may have following consequences

Amit sold Goods to Atul for Rs. 50,000 on cash & Rs. 50,000 oncredit basis & allowed 10% discount on on the spot transaction.Cash Account debited to Rs. _____________

A proprietor purchase goods worth Rs. 5500 & cash accountcredited to Rs. 5000 rectification of the suspense accounteddebited to Rs

Amit purchase of Rs. 6710 had been posted to the debit of thecreditors A/C as 6170 rectifying the transaction the creditor A/C is

to be debited amount to Rs

A bill of Rs. 500 for old furniture sold to Raj, was entered in thesales day book

Abnormal cost indicates that cost which is normally incurred at acertain level of output under normal circumstances.

This cost indicates increased or decreased cost due to theincreased or decreased volume of operations.

Indirect material cost assist the manufacturing process is anintegral part of finish goods.

The prime cost is Rs. 10,00,000 the factory cost is Rs. 13,00,000,the total administration overheads are 14,00,000 and having sellingoverhead of Rs. 86000. What is the Total cost?

Material cost is the first and probably the most important elementof cost.


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Valuation of material uses the following methods

FIFO and LIFO , Average price method , Market price

Normal

Below 66.66%

True

False

Limitations of marginal costing are

Budgetory Control deals with

True

False

Current standards includes

Expected standards , Normal standards , Ideal standards

Payment for idle time to workers , Production hold ups resultinginto disturbed delivery schedule , Eleventh hour purchase

Goods received note or goods received report is prepared infollowing copiesOne copy to Purchase department , One copy to Accountsdepartment , One copy to Costing department

Under Merrick Differential Piece rate System of wage payment upto 83% of efficiency following rate is offered.

Under the Emersons Efficiency Bonus System at followingefficiency level no bonus is payable.

If the organisation follows the policy of considering predeterminedoverhead absorption rates, it may face the problem of under orover absorption of overheads if the actual overheads to beabsorbed o

Fixed cost is the cost that varies in direct proportion with the levelof activity or volume of operations.

difficult for classification as fixed cost and variable cost. , does notprovide any standard for the evaluation of performance. , it isuseful technique only in the short run.

Establishment of budgets , Comparison of budgeted results withactuals , Computation of variance.

The analysis of overhead variances is different and the mostcomplex task.

Standard costing and Marginal Costing are the best possible toolsavailable to the management for cost control


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Longer period

historical

legal

ordered

variation

change

decreasing

below standard

at standard

________ and ________ are non monetary incentives

Safety services

education facility

Semi ________ overheads are neither ________ nor variable in nature.

fixed

variable

uncontrollable

lower

vary

level of activity

________ and ________ are examples of semi- variable overheads.

Maintenance cost

electricity

In case of industries where capital investment is very high, budgetshould be prepared for a

Financial Accounting protects the interest of outsiders . it considers________ transaction and it is a ________ requirement

After material is received from the supplier, quantity actuallyreceived is compared with quantity ________-and ________-if any, aretaken up with the supplier

Labour Turnover indicates ________ in labour force showing a highlyincreasing trend or highly ________ trend

Under Gannt Task bonus system where the output is ________payment is made as per minimum time rate, output is ________payment is made as per time wages plus some increase in wagerates

Fixed overheads normally arise as a result of policy and are largely________ in nature at the ________ level of the management

variable cost is the cost that tend to ________ in direct proportionwith ________


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Different Cost Centre

10000

Net effect

Balanced

3,15,000

Accounts is a

Record of all transaction

Whatever is to be sold need not be produced.

True

Patents and Trade Marks Account is a Real Account.

True

Budget is prepared in terms of

Quantity and/or Money

Favorable variances need on investigation

False

Standard Costing may not be useful in

Financial

Stores

Re-order level

The cost of asset is Rs. 1,10,000, Estimated scrap value10,000,estimated life 10 yrs. Calculate the depreciation accordingto straight line method

To ascertain the ________ of all the transactions recorded in theledger account, the account is required to be ________

In fixed overhead variance, the volume variance is further analyzedasVariance Efficiency Variance , Capacity Variance , CalendarVariance

For a unit, if opening stock of raw material is 10,000 units, closingstock of raw material is 5,000 units and consumption is 3,20,000units, what will be the quantum of raw material to be purchased

Small concerns , Industries having non-standardized products ,Contract jobs

__________ Accounting becomes a source of information forManagement Accounting.

The levels indicated on the Bin card enables the ________department to keep a watch on the balance and replace thematerial as soon as it reached at ________ level.


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Minimum

Rs. 75

True

Limitations of Management Accounting includes-------------------

Business Entity Concept ______________.

Double Entry Accounting System__________________

Sundry creditors transfer to asset side.

False

750

0.17

15000

A bank reconciliation statement is prepared on a particular date.

True

Standard costs are the targets to be attained by the actualperformance.

During one week X makes 200 units. He receives wages for aguaranted 44hours per week at a rate of Rs. 1.50 per hour.

Estimated time to produce one unit is 15 minutes. Time allowed isincreased by 2

Management Accounting aims at enabling the management to takethe decisions about the future. It may consider future data as wellas non-financial factors.

Its wide scope , Possibility of intuitive decision , Requires elaborateorganizational structure

Business is separated from the owner. , The accounting processcarried out for the business , Separate legal entity

Every business transactions have two elements , When businessreceives something, it has to pay something , Every debit has acorresponding credit

Purchase Goods of Rs. 7500 on 10% cash discount. The discountamount is _______

The cost of fixed asset is Rs. 1,00,000. Rs. 17,000 deducted asdepreciation. Calculate the percentage

Goods distributed as free sample amounted to Rs. 10,000. PrepareNeonboard Rs. 5000. The total amount transfer to advertisementaccount is Rs.____

When bank balance as per bank book is considered then followingto be added.cheques issued but not presented , direct deposit by customer ,wrong credits given by bank


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Standard may not be necessarily useful for this purpose.

Forecasting

In Cash budget , Non operating cash inflow includes

Receipt of loan/borrowings , Issue of shares , Sale of fixed assets

Loan instalments , Taxes , Purchase of fixed assets.

20,000 kg

Cost of holding the inventoryEconomic Ordering Quantity

Maintain the inventory of any kind

Associated with administrative efforts

Ordering cost + carrying cost

debits

credits

debited

credited

purchase

quotation

fixed

top

budgets

In Cash budget , Non-Operating cash outflow includesVarious kindsof over heads

During a month opening stock is 5,000 kg, closing stock is 6,000 kgand production is 21,000 kg , what is the quantity of sales

Correct Answer

Generally accounts of the assets will have ________ balance andliabilities will have ________ balance

Interest on overdraft charged by the bank is ________ to the passbook and ________ to the cash book

While selecting source of supply ________ epartment may call forthe ________ from the prospective suppliers

Administration overheads are ________ in nature and can becontrolled mainly at ________ level of the management

Planning lays down the course of action to be taken in future. Incase budgetary control, it is in the form of the ________ and in caseof ________ costing, it is in the form of the standard cost


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standard

constant

level of activity

Allocation & apportionment

Loading

theoretical

unfavorable

Stores

Store ledger

Advance received from customers is ________ for the organisation.

A liability

The features of multiplicity of key factors are as follows :

All the properties owned by the business

Withdrawn for personal use

Book of original entry

Maintain all types of Accounts

All the amount owed by the business

Depreciation

True

Fixed cost is the cost that tend to remain ________ irrespective of________

The process of Allocation & apportionment can followed to decidethe ________ of overheads to each budget center

The ideal standards are generally ________ in nature and thevariances always shows ________ trends

Bin card is maintained by ________ department whereas ________ ismaintained by costing department.

More than one key factors , Refers to a complex situation , Can beresolved by using linear programming technique

Correct Answer

The ________ adjustment is necessary to relfect the cost for the useof fixed asset during the year.

Identify the budgets for which the production manager sould beheld responsible :Production budget , Production overheads budget , Plant utilisationbudget

Financial statements are basically in two forms i.e. profitabilitystatement and balance sheet.


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Differential cost

Capital

True

True

Variable cost + Profit = Sales

False

True

Scope of uniform costing

Advantage of uniform costing

Requisite for uniform costing

Fields covered by uniform costing

Rs.9,333.33

Features of material usage variance are :

The data for XYZ Ltd. is as follows : Fixed assets Rs.60,000/-; totalcost Rs.105,000/-; working capital is equal to 25% of the salesvalue. The company expects 25% return on capital employed.Capital employed is equal to fixed assets plus working capital.Select the correct answers:Sales Rs.128,000/- , Return on capital employed , Working capital

Rs.32,000/-

Select the cost that indicates increased or decreased total cost dueto the increased or decreased volume of operations.

If the owner brings in personal calculator for office use, ________account should be credited.

The process of accounting split into three steams i.e. financial, cost,management accounting.

Financial Accounting discloses the financial performance & financialstatements of the business as a whole.

P&L statement which is a period statement & relates to a certainperiod tells about results of operations.

Correct Answer

A firm employs ten workers at an hourly rate of Rs.20/-. Theyworked for 40 hours each and completed the job for which standardtime was 48 hours for each worker. Calculate labour cost for the job

under the Rowan Plan.

Measures the difference between the quantity of materials actuallyused and that should have been used. , Considers standard price Xactual quantity , Considers standard price X standard quantity


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False

Generally all the liabilities will have ________balance.

Credit

Over-absorbed

False

Rs.500/-

Following are the examples of service cost centre

True

True

False

Copy of a firm's account in the bank's ledger is known as ________.

Bank statement

Ledger folio

True

A planned change in the level of material stock

If overhead absorbed i.e. overheads charged to units during the

period is more than the overhead incurred, it is said that theoverheads are ________.

Balance sheet indicates the expenditure & income from thebusiness.

Loan @ 12% p.a. of Rs.50,000/- was taken on 1st March, 2004. Findthe interest expenditure on 31st March, 2004.

Stores department , Transport department , Accounting department

The sum of indirect material cost, indirect labour cost and indirectexpenses is termed as Overheads.

Error of commission refer to calculation errors, totaling errors,errors in carrying forward etc.

Cheque received from a client on 28th September, 2004 must beentered in the bank book only after it is credited in the pass book.

The column which refers to the page number of the ledger is knownas ________.

Management Accounting is the process of analysis and

interpretation of financial data collected with help of financialaccounting and cost accounting

The direct material useage budget and direct material purchasebudget differ because of which of the following:


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Loss is equal to fixed cost minus ________

Contribution

The different purposes served by standard costing technique are :

Cost control , Cost awareness , Performance appraisal

False

Quantity requisitioned , Per unit material cost , Job number

Decrease for fixed costs and remain unchanged for variable costs

Direct material cost

Prices are reliable

Deferred revenue expenditure written off account is a real account.

False

Assets

True

short run

0.3

Error of commission refer to a situation where a transaction is notrecorded in the books of account.

A materials requisition form normally contains the followingaspects:

If a predetermined overhead rate is not employed an the volume ofproduction is increased over the level planned, the cost per unitwould be expected to :

The variance which measures the difference between what is paidfor a given quantity of materials and what should have been paidfor, is known as ________ variance.

It is said that adoption of uniform costing creates customerconfidence because . . .

In practical circumstances, the ________ are referred to asapplication of funds.

Balance sheet is considered to be a part of the financialstatements.

The cost-volume-profit analysis basically highlights the effect ofchanges in sales volume on the profit of the company, in the________.

The following figures relate to a company manufacturing a variedrange of products : Year 2003 Total sales Rs.22,23,000/- and totalcost Rs.19,83,600/-. Year 2004 : Total sales Rs.24,51,000/- andTotal cost Rs.21,43,200/-. Assuming stability in prices, calculate theprofit volume ratio


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Rs.29.98

Techniques of management accounting include:

Marginal costing , Budgetary control , Standard costing

Capital investment , Plant size , Location

Selling expenses

Management Accounting is

True

The net profit will decrease by Rs.18,000/-

True

Calculate the machine hour rate. The amount of overheadpertaining to June, 2004 to be apportioned is Rs.170,010/-. Themachine cannot work without an operator. During the month June,2004 the machine operator has been paid for 5,670 hours.

While preparing sales budget the following factors must beconsidered :The number and types of products sold by the organisation ,Whether the organisation's market shar

copy of management accounting consolidated

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